MTA Finance Committee Approves New Ratner Deal
As was widely expected, the MTA’s finance committee yesterday approved a revised agreement with Bruce Ratner that would allow the developer to defer $80 million of the $100 million he initially agreed to pay the Authority for railyards; the full MTA board votes tomorrow. According to The Times, the payments would be only $2 million…
As was widely expected, the MTA’s finance committee yesterday approved a revised agreement with Bruce Ratner that would allow the developer to defer $80 million of the $100 million he initially agreed to pay the Authority for railyards; the full MTA board votes tomorrow. According to The Times, the payments would be only $2 million a year between 2012 and 2015 and then $11 million a year for 15 years; the Brooklyn Paper reports that the interest rate comes out to 6.5 percent. In a what may end up being the quote of the year, MTA finance chief Gary Dellaverson said of the deal, “It’s not quite as good as we had hoped.” Priceless.
Ratner to Get Huge Break from MTA [Brooklyn Paper]
Developer Seeks to Defer Payments on AY Site [NYT/Cityroom]
New Brooklyn Arena Deal Unveiled [AP]
Big Week for Atlantic Yards Sweetheart Deal-Making [Brownstoner]
Photo by Tracy Collins
DDDB’s contention was not that the arena was out of scale, but the entire project was monstrously out of scale, out of whack and completely too much for the area and infrastructure to handle. While the arena was cutting edge, the rest of Gehry’s design was awful (and I happen to like much of gehry’s work). So this was not about the arena- it was about the size of the project and the use of eminent domain. The affordable housing component was a joke- as you would know if you really read up on this stuff, BGcorey. Ratner never had the funding to build something of this size and scale. Why do you think he went after public funding? I suggest you read some of the reports and get some facts before you post about whyu Gehry was fired. And for the record too- there is a lot of evidence most of the ruels and oversight regulations were bypassed for ratner. If you think judges can’t be bought or persuaded by big money, you live in Mr. Roger’s Neighborhood, not Brooklyn. The cases were not decided on merit, they were decided on patronage, greed and big bucks.
“It is partly DDD’s fault.”
BS. Ratner had 4 years to close his deal with MTA. He didn’t. Why? Who knows. And now he comes to the MTA crying poverty and the MTA obliges.
blame whistleblowee not the whistleblower.
No way Ratner pays anything close to $100M. Not in 10 years, not ever.
He is the master of bait and switch. As soon as he puts a shovel in the ground and gets his bonds OK’d, he’ll start whining for a better deal.
The spineless idiots at the MTA and the shills on this blog and elsewhere will agree because “we have to build something.”
What a joke.
Remember, the reason the MTA turned away Extell’s $150M up front was because the arena was supposed to be such a gem and a moneymaker.
That has now been debunked — but the MTA still wants to give away public property for pennies on the dollar.
Daniel Goldstein is full of sh*t! DDDB Premise: (Starchitect) Frank Gehry’s design for Atlantic Yards (which had been praised by leading architecture critics as “stunning” and “cutting edge”) is “out of scale” with surrounding development. DDDB Response: Delay the project for 5 years with a series of frivolous, meritless lawsuits. Result of DDDB Response: Development stalled and (as one would expect to occur eventually) market conditions sour and Frank Gehry designs are no longer viable in erroding economic climate. Ratner Response to DDDB Response: “Value Engineer” the project to make it economically viable. Result of Ratner Response to DDDB Response: (Starchitect) Frank Gehry is fired and replaced by Ellerbe Becket, who design a “cookie cutter” “airplane hanger” replacement to Gehry’s vision. DDDB Response to to Ratner Reponse to DDDB Response: “This is a classic bait-and-switch…Ratner had reneged on his promise to brinkg world class architecture and affordable housing to Brooklyn”. ARE YOU FU*KING KIDDING ME!! The ONLY reason why Gehry was canned and the development (with its accompanying cutting edge architecture and affordable housing) was tabled was because Daniel Goldstein has spent the past five years being a demagogue and filing frivolous lawsuits (in retrospect, the fact that they have lost EVERY case, in EVERY forum (State and Federal) should speak to the merits of the claims raised). Since when did Daniel Goldstein care about “world class architecture” and “affordable housing”? If he did care, he would not have spent the last five years filing frivolous lawsuits, holding press conferences and doing magazine interviews (and I’m sure lining up his reality show and movie and book deals).
No Carlton Bridge…
At the edge, I’d have flung dough…
Into the chasm…
Gift-wrapped real estate…
But the little people pay…
Ratner keeps the change…
gman- I think that’s exactly the case – DDDB was going up against an RE juggernaut. I don’t know that they ever had a choice as to whether or not they could think about all the consequences and Ratner gave no indication he was willing to listen to the community or any concerns. But even though they have delayed AY, I see no evidence really that Ratner understands the why of it, nor do our politicians and agencies.
Another day, another lets blame it all on DDDB. Not on the politicians and agencies and the MTA who set aside cnsideration for the bottom line to give Ratner the deal. Blaming DDDB for the situation is pure and total BS.
And don’t think for one minute DDDB is a little clique of 5 people- it’s not. They have plenty of community support- especially from those of us who would be most affected. Now the MTA in a complete meltdown of imbecility gives him yet another sweetheart deal? All the while complaining over how little money they have? On top of threatening fare hikes? Etc., etc.
Gee- where are all the people who always claim the bottom line is the only one to consider? Because they aren’t in the MTA. that’s for sure.
and Havelc- if DDDB had no “legitimate” way to stop AY, they certainly seem to have a reasonable facsimile of it. Or do you think lawsuits are not legitimate?
All us yahoos- and there were millions across the country who protested the Kelo decision- understand something about the Supreme Court that you don’t- those decisions are always open to reinterpretation and being overturned. There’s a long long list of them-. Thank goodness they haven’t yet shut down us yahoo’s right to free speech or our right to “whine” as you put it when we protest. Before we lay down and let Ratner run roughshod over us, let’s also recall that many states passed stricter eminent domain laws in protest of Kelo. (Sadly NYS was not one of those intelligent states- but hey- look at Albany. Are we surprised?)
You think DDDB made an empty bluff? I think DDDB accomplished what they hoped to- bring attention to the many ways we get f*cked by our duly elected representatives and their friends. So much for power to the people, hey?
havelc, I hear you. Here’s another perspective: DDDB believes that the review process was beyond flawed and the project is detrimental to Brooklyn. It therefore believes that the entire project should be stopped at all costs. If that is where someone is coming from, they cannot worry about collateral damage. And, if that is where someone is coming from, they also have to believe that any and all negative consequences are the responsibility of FCR–it created this mess, and the opposition it prompted.
havelc- amen to that!!!